You should make sure the information in your credit report is correct.  Your creditors may legally damage your reputation by placing incorrect information on you credit report.  They do not have any responsibility to update your report after you have repaid your dept or cleaned up your account with them.  You are legally responsible to update your report after you have paid off a debt, completed a bankruptcy, etc. 

Not only is your credit score based on the sometimes inaccurate information in your credit report, but lenders also review this in accurate information in making credit decisions.  Review your credit report from each credit reporting agency at least once a year and especially before making a large purchase, like a house or car.  To request a copy, contact the credit reporting agencies directly:

• Equifax: (800) 685-1111, www.equifax.com
• Experian (formerly TRW): (888) 397-3742, www.experian.com
• TransUnion: (800) 888-4213, www.transunion.com

A sample letter can be downloaded from this website as a Microsoft Word file by clicking: Sample Letters.  Insert your personal information into this letter and save it to your hard drive.  Then copy and paste the information from each of the three credit reporting agencies and mail the three letters via U.S. Certified Mail, Return Receipt Requested.  Be sure to keep copies of everything.

If you find an error any of your credit reports from any of the three credit report agencies, that credit reporting agency must investigate and respond to you within 30 days.  If you are in the process of applying for a loan, immediately notify your lender of any incorrect information in your report.  Your lender will need to reorder your credit report and score once any changes have been made to your information at the credit reporting agency.  Small errors may have little or no effect on your score.  If there are significant errors, however, the lender may disregard the score.

We recommend that your put your best foot forward when applying for a loan.  This involves Eliminating the Negatives and Increasing the Positives.
 

Click Here for the Glossary.

Continue by clicking on: National Credit Statistics.

The information on this page and in this website is derived from sources that we believe are reliable. This information is not guaranteed.  We are not offering legal or accounting advice and suggest that you contact a lawyer and an accountant before taking any action.